Argonaut Gold Announces Record Gold Production of 19,700 Ounces at El Castillo in Q4; Record Annual Gold Production of 72,000...
18 1월 2012 - 5:35AM
Marketwired Canada
Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to announce
gold production for Q4 2011 of 19,700 ounces and a total of 72,000 ounces for
2011. These are records for both quarterly and annual production. The Company is
also providing production guidance range for 2012 of 85,000 to 95,000 ounces of
gold.
Fourth Quarter 2011 Highlights:
-- Gold production of 19,700 ounces, 8% increase over Q4 2010
-- Record gold ounces sold of approximately 20,500, a 42% increase over Q4
2010
-- Tonnes mined increased to greater than 1.8 million tonnes per month, an
11% increase over Q4 2010
-- El Castillo eastern processing facility was commissioned and fully
operational during Q4
-- New resource calculation, production decision and construction
commencement for the La Colorada project
-- Year-end cash balance of $36 million
El Castillo Operating Statistics
Three Months Ended Year Ended
December 31, December 31,
% %
2011 2010 Change 2011 2010 Change
------------------------------------------------------------
Mining
Total tonnes
mined 5,437,100 4,897,500 +11% 20,009,100 15,991,000 +25%
Total ore mined 2,912,500 2,560,100 +14% 11,145,300 7,757,500 +44%
Heap Leach Pad
Direct ore
tonnes to pad 2,098,000 2,052,800 +2% 8,114,200 6,290,300 +29%
Crushed ore
tonnes to pad 839,100 510,800 +64% 3,041,100 1,465,400 +108%
Production
Gold grade (g/t) 0.32 0.38 -16% 0.33 0.37 -11%
Gold loaded to
pad (oz) 30,200 31,100 -3% 117,900 91,800 +28%
Gold loaded to
carbon (oz) 19,700 18,300 +8% 72,000 51,300 +40%
Gold sold 20,500 14,400 +42% 66,500 41,200 +62%
(i)All tonnes and ounces rounded to nearest 100
2012 Production Guidance
-- El Castillo Expected Production
-- 75,000 to 80,000 ounces of gold
-- La Colorada Expected Production
-- 10,000 to 15,000 ounces of gold
Peter Dougherty, President and CEO of Argonaut said:
"We are pleased with the Q4 gold production of 19,700 ounces. It was a very
strong ending to a great year, with record gold production (+40%
year-over-year). Argonaut also completed efforts to achieve a significant
increase in our resource base, which now exceeds 6 million ounces (+320%) which
will enable us to implement further production enhancements."
Mr. Dougherty added, "Through the acquisition of Pediment Gold, the Company not
only advanced its exploration programs, but expanded its development pipeline.
We are happy to report that we anticipate production at the La Colorada project
in Q2 of this year. Also, the permit application for expanding operations at La
Colorada has been submitted. We are also well underway in our process to permit
a third mine for production at San Antonio. These accomplishments have come
through the constant efforts of our dedicated teams of professionals at each
location. I am proud of their accomplishments and look forward to another strong
year as we begin 2012.
"All of the aforementioned was rewarded in our share price performance. In a
year when the price of gold increased 9%, Argonaut's shares climbed 50%, from
$4.62 per share to $6.95 per share, and our trading volume increased nearly
400%. As we reflect back on the year, it was one like no other. We are starting
to harvest the seeds we had sown earlier, with new projects emerging, and
production enhancements taking effect. We are very thankful for our shareholders
who have supported us from the beginning, and our dream of building value beyond
gold."
About Argonaut Gold
Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets are the production-stage El Castillo
Mine in the State of Durango, Mexico, the development stage La Colorada project
in the State of Sonora, Mexico, the advanced exploration stage San Antonio
project in the State of Baja California Sur, Mexico, and several exploration
stage projects, all of which are located in Mexico.
Creating Value Beyond Gold
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based on
current expectations. All other statements other than statements of historical
fact included in this release are forward-looking statements (or forward-looking
information). The Company's plans involve various estimates and assumptions and
its business and operations are subject to various risks and uncertainties. For
more details on these estimates, assumptions, risks and uncertainties, see the
Company's most recent Annual Information Form and most recent Management
Discussion and Analysis on file with the Canadian securities regulatory
authorities on SEDAR at www.sedar.com. These forward-looking statements are made
as of the date hereof and there can be no assurance that such statements will
prove to be accurate, such statements are subject to significant risks and
uncertainties, and actual results and future events could differ materially from
those anticipated in such statements. The Company assumes no obligation to
update the forward-looking information contained in this news release.
Accordingly, readers should not place undue reliance on forward-looking
statements that are included herein.
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